Under an agreement reached in July, OPEC+ plans to reintroduce to the market the barrels it withdrew in 2020.
On Monday, OPEC and non-OPEC oil-producing countries (OPEC+) confirmed that they will increase their joint production by 400,000 barrels per day in November. They left unchanged their plan to increase supplies progressively.
It was announced by the 23 member countries of the alliance in their final declaration. They also decided that their next monthly meeting will be held on Nov. 4.
Under an agreement reached in July, OPEC+ plans to gradually reintroduce to the market the barrels it withdrew in 2020, when it agreed on a production cut of 9.7 million barrels per day, about 10 percent of world supply.
Following the meeting, oil prices increased. The cost of a barrel of Brent crude oil reached US$81. On the other hand, the price of WTI oil reached US$78.
��#OTD in 1960, the Organization of Petroleum Exporting Countries was founded in order to ensure stable & fair oil prices. Today #OPEC includes 13 nations & about 40% of world oil production.— MFA Russia ���� (@mfa_russia) September 10, 2021
Russia as a leading oil-producing country stands for close cooperation with OPEC pic.twitter.com/PvhDe0sfaJ
“We will be monitoring the situation, as we know, demand usually falls in the fourth quarter,” said Russian Deputy Prime Minister Alexander Novak. However, he declared that he is convinced that this decision would further normalize the state of the oil market.
Venezuela government also welcomed the decisions adopted at the OPEC+ ministerial meeting. Venezuelan Oil Minister Tareck El Aissami considers that it will help to continue advancing in world energy stability.
"Venezuela is at the forefront in these times of increasing international cohesion and cooperation, to advance in the construction of a multipolar and pluri-centric world," said El Aissami.